South Africa, US sign tax agreement

first_img10 June 2014 An intergovernmental agreement to improve international tax compliance was signed by South Africa and the United States on Monday. The agreement, which promotes transparency between South Africa and the US on tax matters, was signed by Finance Minister Nhlanhla Nene and US ambassador to South Africa Patrick Gaspard. It aims to realise the Foreign Account Tax Compliance Act, a US federal law that aims to combat offshore tax evasion by encouraging transparency and obtaining information on accounts held by US citizens in other countries. “South Africa is committed to automatic exchange of information for tax purposes and to make the world a more transparent place from a tax perspective,” Nene said. “This commitment has been expressed through South Africa’s role in both the G20 and the Global Forum on Transparency and Exchange of Information for Tax Purposes.”Collaboration The Act calls for foreign financial institutions to provide the US Internal Revenue Service (IRS) with information about American account holders. Gaspard, who signed the agreement on behalf of the US, said the signing of the agreement was an important step in the collaboration between both countries to combat tax evasion. “When taxpayers overseas avoid paying what they owe, other taxpayers have to bear a disproportionate share of the tax burden. The intergovernmental Agreement to Improve International Tax Compliance and to implement the Act is an important part of the US government’s effort to address that issue.” In July 2012, the US introduced the option of a country entering into an intergovernmental agreement, which would alleviate the need for financial institutions to enter directly into an agreement with the US.Reciprocity The Agreement to Improve International Tax Compliance and to Implement the Foreign Account Tax Compliance Act between the US and South Africa is a reciprocal agreement, which ensures that financial institutions in South Africa will report information about US account holders to the South African Revenue Service (SARS). SARS will in turn relay that information, by means of automatic exchange of information to the US Internal Revenue Service under the Double Taxation Convention in force between the US and South Africa. The IRS will provide similar information about South African account holders in the United States to SARS. Source: SAnews.govlast_img read more

SIOUX CITY MAN ARRESTED AFTER EARLY MORNING PURSUIT

first_imgA SIOUX CITY MAN IS IN JAIL FACING SEVERAL CHARGES FOLLOWING A PURSUIT THROUGH IOWA AND NEBRASKA EARLY MONDAY.AUTHORITIES SAY A WOODBURY COUNTY DEPUTY ATTEMPTED A TRAFFIC STOP AROUND 5:30AM AT HIGHWAY 75 AND SINGING HILLS BOULEVARD.THE DRIVER SPED OFF TO THE HIGHWAY 20 BYPASS, CROSSED INTO NEBRASKA AND HEADED DOWN DAKOTA AVENUE.SOUTH SIOUX CITY POLICE DEPLOYED STOP STICKS AT 6TH AND DAKOTA AVENUE, WHICH THE VEHICLE RAN OVER, BUT CONTINUED OVER THE VETS BRIDGE BACK INTO SIOUX CITY.THAT’S WHERE THE DRIVER, 34-YEAR-OLD SCHYLAR HAMAR WAS ARRESTED.HAMAR IS CHARGED WITH FELONY ELUDING, OWI, RECKLESS DRIVING, CRIMINAL MISCHIEF AND EXPIRED REGISTRATION.HE IS BEING HELD IN THE WOODBURY COUNTY JAIL ON $16,900 BOND.last_img

DRAKE SHARES TATTOO OF ABBEY ROAD COVER AFTER BREAKING THE BEATLES CHART

first_imgHe now holds 35 songs in the upper echelons of the chart, compared to the Beatles’ 34.Drake has long maintained a one-sided rivalry with the iconic British band. After shattering their record of 12 hit singles in a year in 2018, Drake jumped on Meek Mill’s track Going Bad to proclaim that he’s “got more slaps than The Beatles.”But Drake is also making waves on the Billboard 200 album chart where his new compilation Care Package notched his ninth No. 1 album..@Drake now has 203 career #Hot100-charting hits, the only solo artist in history to reach the milestone.— Billboard Charts (@billboardcharts) August 12, 2019David Friend ~ The Canadian Press Advertisement Twitter Drake is putting himself ahead of The Beatles after recently shattering another of the Fab Four’s chart records.The Toronto rapper posted a photograph on his Instagram Monday that appears to show a new tattoo on his forearm — an illustration of the British band crossing Abbey Road while Drake stands at the front of the line, waving at them.His ink reveal comes after Drake passed The Beatles for the most charted songs in the Top 10 of the Billboard Hot 100 in June. Login/Register With: Advertisementcenter_img Drake is putting himself ahead of the Beatles after recently shattering another of the Fab Four’s chart records. (Richard Shotwell/Invision/The Associated Press) Facebook Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment last_img read more